Saturday, January 10, 2009

Olympic Village Boondoggle: Doubling Down On The Guarantees



Just why, exactly, did the City of Vancouver agree to guarantee the completion of all those luxury condos on False Creek that nobody was buying a few months ago?

Well, according to the full meal deal from Frances Bula (ie. her Saturday Globe column) it was, apparently, done in an effort to get Fortress to cough up its original $750 million guarantee to the builder, Millenium:

"City council agreed to the completion guarantee, along with giving a $193-million loan guarantee, in the fall of 2007 to enable Millennium to get its financing from Fortress....."

So here's a question....

When that double-down-deal at Council went down, apparently unanimously, what would former City CFO Estelle Lo have said to them before the vote if she had not already been shunted off to Buffalo?

Just asking.


Oh, ya.

And while you take a side of 'ponzi' with your Saturday morning breakfast, don't forget to also take FABula's bloggoriffic advice and.....


Caps all hers.

Meanwhile, in Spamalot, the Dynamic Duo hooks local TeeVee on the extremely 'small but vital' issue of snowmageddon-induced pot holes (couldn't tell from clip if Spamaloteer #1 was actually interviewed by Victoria Penner).....


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